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Capital Gains in Firm Reconstitution: The Role of Deemed Transfer Under Section 45(4)” A Complete Guide

When a business entity such as a firm or an Association of Persons (AOP) undergoes dissolution or reconstitution, the treatment of its capital assets becomes a critical area of tax concern. Under Section 45(4) of the Income Tax Act,

Impact of the dissolution or reconstitution of a firm or AOP on capital gains under Section 45(4)?

The Income Tax Act, 1961 provides specific provisions for taxing capital gains in the event of the dissolution or reconstitution of a firm or Association of Persons (AOP). Under Section 45(4), the tax treatment of capital gains arises when

“How to Reduce Capital Gains Tax Using Exemptions from Sections 54, 54B, 54EC, and 54F”

Capital gains tax can be a significant liability for taxpayers, especially when they sell capital assets such as property, land, or securities. However, the Income Tax Act, 1961 provides various exemptions to help taxpayers reduce their tax burden. The

What is the complete meaning of “capital asset” under Section 2(14), and which assets are excluded from this definition?

A capital asset is a crucial term in the context of taxation, especially when it comes to the computation of capital gains under the Income Tax Act, 1961. Understanding what qualifies as a capital asset and what does not

How do you distinguish between short-term and long-term capital assets under Section 2(42A) and Section 2(29AA)?

Capital gains taxation under the Income Tax Act is a significant aspect for taxpayers who have investments in capital assets like property, shares, and securities. The classification of capital assets into short-term and long-term is crucial in determining the

What is the Treatment of Unabsorbed Depreciation? Complete

Introduction Depreciation is a valuable deduction under the Income Tax Act, 1961, allowing taxpayers to account for the wear and tear of assets used in their business or profession. However, in some cases, the depreciation allowable exceeds the taxable

Smart Tax Planning Tips for Salaried: A Complete Guidance

Individuals to Save More in 2024: Introduction: Tax planning is a crucial aspect of financial management for salaried individuals, offering opportunities to optimize savings, minimize tax liabilities, and achieve long-term financial goals. In this guide, we'll explore key tax

Salary: Tax Insights and Strategies for Employees: A Complete Guidance

1. Meaning of Income under the Head "Salaries": Income under the head "Salaries" refers to the money an individual earns from their employment. It encompasses various components such as basic salary, allowances, bonuses, commissions, and perks received from an

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